Budget 2017: Here are the reactions of India's Biz honchos!

New Delhi: Finance Minister Arun Jaitley on Wednesday presented the Union Budget 2017 which the government hailed as 'path-breaking' while PM Modi termed it as 'uttam' Budget.

But what did India's biz honchos think about it?

Here is how they reacted to the Union Budget 2017.

KIRAN MAZUMDAR SHAW:

"Overall a safe and balanced budget, which could have been bolder. Good allocations for rural development, affordable housing, agriculture and infrastructure sectors. Some incentives for MSMEs but corporate tax reduction linked to job creation and investments was missing which would have spurred much needed private sector investment.

"Removal of FIPB is a good move which will ease FDI inflow. Sadly no impetus for exports, science & technology, manufacturing sector which would have boosted the Make in India initiative," Shaw said.

ANAND MAHINDRA:

The Executive Chairman of Mahindra Group tweeted that he "never make pre/post budget comments, & maintain that the budget shouldn't be seen as the main policy reform instrument".

However, he tweeted that he was "elated" by the reforms in political funding, merging of the rail budget, abolition of FIPB and removal of plan/non-plan labels."

"But am elated by a)The reforms in political funding b)Merging of the rail budget c)Abolition of FIPB d)Removal of plan/non-plan labels(2/3)", he tweeted.

But am elated by a)The reforms in political funding b)Merging of the rail budget c)Abolition of FIPB d)Removal of plan/non-plan labels(2/3) — anand mahindra (@anandmahindra) February 1, 2017

These steps ARE big signals about the Govt's mindset. Shows its determination to shed the skin of legacy&step firmly into the future, he added.

PANKAJ PATEL, President, FICCI

"This Budget would tremendously strengthen the economic muscle of the country. It is directionally correct, fiscally prudent and strengthens the governance fabric of the nation," Ficci President Pankaj Patel said.

CHANDRAJIT BANERJEE, Director General, CII

"Overall, the Budget builds positive sentiments among Indian industry and overseas investors that the Government would remain on the path of fiscal prudence while taking all possible measures to boost growth".

GOPAL JIWARAJKA, President, PHD Chamber of Commerce

Gopal Jiwarajka said the government has provided a balanced budget to strengthen the economy from grass roots. Tax benefits to small tax payers, MSMEs and infrastructure status to affordable housing are encouraging and would pave the way for a higher growth trajectory. 

GUILLAUME SICARD, President, Nissan India Operations.

“The Union Budget 2017 agenda on Transform, Reform and Energise is a positive approach towards growth, with a clear focus on rural sector,  increased spends on infrastructure development, and improve road construction for better last mile connectivity across India. 

The Income tax rate cut from 10% to 5% for individual tax payers earning under 5 lacs per annum will create a positive sentiment among likely first time buyers for entry level and small cars. However, there is nothing substantial for R&D for automotive industry, EV and Hybrid vehicles, which is a dampener. We look forward to the implementation of GST for the automotive sector in the months to come to offer the much needed stimulus to the auto industry and encourage buyer sentiment and consumer confidence. ”

KUNAL BAHL, Co-Founder &CEO Snapdeal

“We commend the focus on growing the digital footprint in the country  -  enhancing digital infrastructure, capping cash transactions, reducing cash donations, using Adhaar Pay to enable more digital payments are significant measures. Initiatives make an impact when there is continued attention and the announcement of today builds on the demonetization efforts of last few weeks.

We also welcome the emphasis on skill development and technical education - this will enable India to successfully harness the demographic dividend. The attention to affordable housing, greater employment in rural areas are the right interventions to build a more equitable society”.

SUMIT SHARMA, Co- Founder, GoBOLT,

Sharma, whose tech logistic startup company pertains to logistic industry, expressed delight in the enhanced allocations made for development of highways and infrastructure.

"With record allocation in Infrastructure, enhanced allocation for development of National Highways and a focus on Transportation sector, this budget provides a much awaited impetus to improve efficiency and productivity in the Logistics sector, which would also lead to enhanced private investment in the medium-to-long term," he said.

BROTIN BANERJEE, CEO and MD, Tata Housing

Commenting on the Budget, Tata Housing Managing Director and CEO Brotin Banerjee said, "Easy and dedicated access to institutional financing, higher limit on external commercial borrowings will attract more investments and assure sustained growth of affordable housing in India, making it the core driving segment for real estate."

"On the other hand, long term financing at lower rates will reduce costs of construction for developers allowing them to pass on benefits to consumers. The new status will increase the resource allocation for the sector, catalysing housing supply and reducing the supply gap," he said.

GETAMBER ANAND, National President, CREDAI

"We must appreciate the fact that the government is very serious on the mission of housing for all and in the same light we have seen some extremely positive announcements in the budget today. Affordable housing getting infrastructure status will enable efficient supply of housing stock in the country and provide benefits associated with it," Anand said.

PRANAY BHATIA, BDO India

Pranay Bhatia welcomed the extension of period for claiming MAT credit to 15 years from the 10 years now.

He also welcomed the move on not including the FPIs in the capital gains bracket saying this sparing from the implications arising from indirect transfer puts an end to apprehensions of foreign investors.

PRATHAP C REDDY, Chairman, Apollo Hospitals Group

"While we were hopeful that healthcare would be accorded a national priority sector status, the structural reform in medical education, in particular the increase in number of post graduate medical seats and DNB courses is praiseworthy as it was long-awaited."

I do hope that the health policies will address the large unmet need for quality healthcare infrastructure and in particular the need to wage a war on non-communicable diseases which the health sector has been focusing upon. In addition, the Aadhaar linked health cards for senior citizens is a very welcome step," he added.

RAJIT MEHTA, MD and CEO, Max Healthcare

"From a healthcare perspective, the announcement of the goal of eradicating TB from India by 2025 is welcome. I am happy that a new policy on medical education might be on the anvil and the FM wants to encourage private sector participation in medical education," Rajit Mehta said.